Exception.

Exception. The term security-based swap dealer does not include a person that enters into security-based swaps for such person's own account, either individually or in a fiduciary capacity, but not as a part of regular business.
The termsecurity-based swap dealerdoes not include a person that enters into security-based swaps for such person's own account, either individually or in a fiduciary capacity, but not as a part of regular business.

Source

17 CFR § 240.3a71-1


Scoping language

None
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